OLD National Bancorp IN Boosts Stock Holdings in Synopsys, Inc. (NASDAQ:SNPS)

OLD National Bancorp IN increased its position in shares of Synopsys, Inc. (NASDAQ:SNPS) by 7.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 755 shares of the semiconductor company’s stock after purchasing an additional 53 shares during the period. OLD National Bancorp IN’s holdings in Synopsys were worth $449,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in SNPS. Vanguard Group Inc. increased its holdings in Synopsys by 2.1% in the first quarter. Vanguard Group Inc. now owns 13,829,357 shares of the semiconductor company’s stock valued at $7,903,478,000 after buying an additional 278,265 shares in the last quarter. Capital World Investors increased its stake in shares of Synopsys by 12.5% during the 1st quarter. Capital World Investors now owns 7,369,890 shares of the semiconductor company’s stock worth $4,211,892,000 after purchasing an additional 818,485 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Synopsys by 39.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,337,602 shares of the semiconductor company’s stock worth $3,050,441,000 after purchasing an additional 1,514,449 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Synopsys by 6.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,565,534 shares of the semiconductor company’s stock worth $1,321,019,000 after purchasing an additional 153,053 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Synopsys during the 4th quarter worth approximately $1,272,143,000. 85.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of Synopsys from $650.00 to $655.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Robert W. Baird lifted their target price on shares of Synopsys from $645.00 to $661.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 2nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $615.00 target price on shares of Synopsys in a research note on Thursday, May 23rd. KeyCorp lifted their target price on shares of Synopsys from $675.00 to $690.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Finally, Piper Sandler lifted their target price on shares of Synopsys from $672.00 to $687.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $627.18.

Synopsys Stock Up 1.9 %

Shares of NASDAQ SNPS traded up $9.70 during trading on Friday, hitting $524.73. 852,935 shares of the company traded hands, compared to its average volume of 1,083,028. Synopsys, Inc. has a 1 year low of $418.51 and a 1 year high of $629.38. The company has a 50-day moving average price of $577.57 and a 200-day moving average price of $566.23. The firm has a market capitalization of $80.40 billion, a P/E ratio of 57.04, a P/E/G ratio of 3.22 and a beta of 1.07.

Synopsys (NASDAQ:SNPS) last announced its quarterly earnings results on Wednesday, May 22nd. The semiconductor company reported $3.00 earnings per share for the quarter, missing analysts’ consensus estimates of $3.03 by ($0.03). Synopsys had a return on equity of 22.66% and a net margin of 23.05%. The business had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.50 billion. During the same period last year, the company posted $1.76 earnings per share. The firm’s revenue for the quarter was up 15.2% on a year-over-year basis. Research analysts predict that Synopsys, Inc. will post 9.66 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Geus Aart De sold 4,212 shares of the company’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $600.05, for a total transaction of $2,527,410.60. Following the completion of the sale, the insider now directly owns 106,983 shares of the company’s stock, valued at approximately $64,195,149.15. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Synopsys news, insider Geus Aart De sold 4,212 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $600.05, for a total value of $2,527,410.60. Following the transaction, the insider now owns 106,983 shares in the company, valued at approximately $64,195,149.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John F. Runkel, Jr. sold 1,239 shares of the business’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $582.90, for a total transaction of $722,213.10. Following the completion of the transaction, the insider now owns 20,000 shares in the company, valued at approximately $11,658,000. The disclosure for this sale can be found here. In the last three months, insiders sold 81,363 shares of company stock valued at $49,361,263. Company insiders own 0.66% of the company’s stock.

Synopsys Profile

Synopsys, Inc provides electronic design automation software products used to design and test integrated circuits. It operates in three segments: Design Automation, Design IP, and Software Integrity. The company offers Digital and Custom IC Design solution that provides digital design implementation solutions; Verification solution that offers virtual prototyping, static and formal verification, simulation, emulation, field programmable gate array (FPGA)-based prototyping, and debug solutions; and FPGA design products that are programmed to perform specific functions.